Home Buying in 30080>Question Details

Heavyload, Home Seller in 30080

I am upside down on MillPond condo - 2bdrm/2bath. I work and live in NC & want to sell. How is the market?

Asked by Heavyload, 30080 Mon Jan 2, 2012

The condo is rented out right now. The income doesn't cover the HOA's or the entire mortgage.The prop. mgt company does not return my calls or respond to my emails. Can I get an outside realty co. to put the unit on the market? Also, if I can't get full price and it becomes a short sale, will I have to come up with the difference? I owe approx $86,000. I've bought a home in NC and the unit has become a financial drain.

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The market is improving, however, some owners are still upside down. If leasing you unit is an option, I would go that route until the values come back to the level you need to sell.

Mike Price
Keller Williams First Atlanta
0 votes Thank Flag Link Tue Feb 24, 2015
I am looking to purchase in that neighborhood. What unit do you own? Carole 404-399-7788
0 votes Thank Flag Link Sun Feb 1, 2015
Mill Pond is a great complex and rental rates have been rising over the Summer. You may test out raising the rental rate when the lease renews to try to cover your expenses. Investors are shying away from Mill Pond since there are rental restrictions and a long waiting list.
0 votes Thank Flag Link Tue Aug 14, 2012
A quick answer to some of the questions you pose are as follows.

You can certainly sell the condo unit to an investor or owner occupant once the lease runs out. You can also certainly sell the unit for less than whats owed if you bring money to the table to facilitate the transaction. If you are unable to do that and can prove hardship financially then a short sale may be the better option, (especially during the govt. tax forgiveness that is still in play.)

Aaron Hofmann brings up good points regarding the lease contract the ability to market the home. Typically it is 30-60 days out from the lease expiring. You may have even a clause that allows you to remove tenants early. Just depends on what written agreement you have in play that you or your previous agent set up. Without looking at it no one here can really say.

Looks like Jen Bowman looked up some recent sales. I have not verified anything, but going on her numbers their is a chance you may be able to sell it without owing anything. Granted it would be a loss, but at least no more monthly payments and headaches.

Georgia has some pretty tight landlord/tenant laws and I would make sure you follow what is allowed in your written contract. You definitely want to keep up with the HOA and payments for the time being to make this transaction happen. An investor probably would be your best bet at the moment due to the tenants and the fact that banks still are hardly lending on condo units in GA.
Web Reference: http://timetomove.biz
0 votes Thank Flag Link Tue Jan 3, 2012
First step is to see if your lease allows you to market and sell your condo currently. Generally, there is a marketing/access clause that allows you access during the last 30-60 days of the lease. You also need to check to see if you can terminate the lease early if it will be awhile before the lease is up, otherwise you would be limited to an investor purchasing the property.

In terms of a short sale, there are certain factors that the bank will consider:
1. Do you have a valid hardship (relocation for work is generally considered a hardship)
2. Monthly net income - are you able to still make your payments. Generally banks want to see a negative monthly net income, but for relocation this is less of an issue

Agree with Ron that you don't want to get behind on your HOA dues. Banks have a limited tolerance on how many HOA dues they will be willing to pay, so sometimes this can mess up a short sale and at some point the HOA may try to force foreclosure.

However, banks are often less interested in modifying your home if it is no longer your personal residence.

The loaded question of whether you will pay the difference. Impossible to say without knowing more details and for the most part you don't know until the bank goes through the review process. Along that line, if you have a first and a second, the second lienholder tends to be more aggressive these days about not waiving deficiencies or asking for a promissory note. Depending on your loan, we may be able to get you through the FHA or HAFA pre-approved short sale programs and those programs require the deficiencies to be waived.

If I can be of further assistance, don't hesitate to contact me.

Aaron Hofmann
Keller Williams Realty Cityside
#1 in Smyrna Vinings
0 votes Thank Flag Link Mon Jan 2, 2012
The current average list price for 2 bedroom/2 baths in Mill Pond is $101,000. The average sold is $58,950 in 2011. You could sell depending on the terms of the lease, is it month to month or when does it end? Usually if the tenant is in the last 30 days of the lease it can start getting shown. It would have to state that in the lease. If the property management company doesn't respond to your emails or phone calls, I personally would fire them. Look at your agreement to see what the terms of it are. I'm listing a property now that has a property management company in place but the seller doesn't want to use them to sell it. Feel free to give me a call about your short sale options.

Jen Bowman, Keller Williams Realty
0 votes Thank Flag Link Mon Jan 2, 2012
If the condo is currently rented I would not look at selling unless the lease term is up. If there is still time left on the lease then the new owner is bound to the lease and cannot move in. Your only prospective buyers would be investors instead of owner occupants.

Depending on the terms on your management agreement you might be able to switch management companies. Certainly you can switch management companies at the end of the current agreement. That is probably the direction I would head toward.
0 votes Thank Flag Link Mon Jan 2, 2012
The short sale process may be the best bet for you. I live up the stret from MillPond and I know that area pretty well. There is a glut of homes off of South Cobb,Cooper Lake and King Springs to compete with. You may call me at 770-883-3553 and I can walk you through the Short Sale porcess. Much to much info to type in.
0 votes Thank Flag Link Mon Jan 2, 2012
One of the necessary ingredients to doing a Shortsale,
is submitting a Hardship letter to your Lender and having them approve doing a Shortsale:
It sounds like you do have a hardship; just being Upside/Down is not sufficient.
In addition, if the deficiency isn't great enough, you may be ill-advised to do a Shortsale, but rather, ride it out.

I would advise you not to get delinquent on the HOA fees; they have no tollerance.
Perhaps if you talked to the Lender and asked them to modify the loan, or at least move some payments to the back of the loan.

To get the Bank to listen to you regarding a Shortsale, you have to be behind on your Mortgage; are you? I hope not as this is a point-of-no-return.

Good luck and may God bless
0 votes Thank Flag Link Mon Jan 2, 2012
Is this a good place to buy right now as an owner occupant?
Flag Tue Jan 15, 2013
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